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Apple Eyes Crucial Breakout Test

Published 02/21/2020, 03:56 PM
Updated 07/09/2023, 06:31 AM
Weekly Apple

While the trend for Apple (NASDAQ:AAPL) is definitely higher, the question is whether the stock Is facing a key price test to determine if the trend remains the same.

Short Answer

The chart looks at AAPL on a weekly basis over the past 5 years. The company has created a series of higher lows and higher highs, which has created a rising channel (1).

  • Fibonacci was applied to its 2016 lows and 2018 highs at each (2)
  • Apple (NASDAQ:AAPL) is currently testing the underside of the rising channel (1) and its 161% Fibonacci extension level at (3)
  • A key breakout test is in play for Apple (NASDAQ:AAPL) at (3). Bulls would love a successful breakout at this key price juncture.

    On the flip side, Apple (NASDAQ:AAPL) bulls would receive a discouraging price message if selling takes place at this key breakout price point. I think that Apple will send an important message by what it does at (3).

    Stay tuned.

    Latest comments

    You are contradicting your own chart. Every fin zone there is a retracement i dont see any for this level
    Simply because the fed goosed the market with 5 too stock purchases
    AAPL 200 by year end
    Amen to that
    of course. after split :)
    Aapl 330 by March 20’
    Failed
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